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\u7279\u6717\u666e\u8868\u793a\uff0c\u82e5\u5728\u7f8e\u4e1c\u65f6\u95f4\u665a\u4e0a8\u70b9\uff08\u683c\u6797\u5c3c\u6cbb\u65f6\u95f4\u5468\u4e0900:00\uff09\u524d\u4ecd\u672a\u8fbe\u6210\u534f\u8bae\uff0c\u7f8e\u56fd\u5c06\u6467\u6bc1\u4f0a\u6717\u7684\u80fd\u6e90\u4e0e\u6c11\u7528\u57fa\u7840\u8bbe\u65bd\u3002\u4f0a\u6717\u300a\u5fb7\u9ed1\u5170\u65f6\u62a5\u300b\u79f0\uff0c\u5fb7\u9ed1\u5170\u5df2\u6682\u505c\u4e0e\u7f8e\u56fd\u6240\u6709\u5916\u4ea4\u4e0e\u201c\u95f4\u63a5\u6c9f\u901a\u6e20\u9053\u201d\uff08\u901a\u8fc7\u7b2c\u4e09\u65b9\u4f20\u8bdd\u3001\u975e\u6b63\u5f0f\u63a5\u89e6\u7b49\u65b9\u5f0f\uff09\u3002<\/p>\n

\u80fd\u6e90\u51b2\u51fb\u4e0e\u6c47\u7387\u5f71\u54cd<\/h3>\n

\u6cb9\u4ef7\u672c\u5df2\u5904\u4e8e\u9ad8\u4f4d\uff0c\u82e5\u5c40\u52bf\u8fdb\u4e00\u6b65\u5347\u7ea7\uff0c\u53ef\u80fd\u63a8\u9ad8\u80fd\u6e90\u6210\u672c\u4e0e\u901a\u80c0\uff08inflation\uff0c\u7269\u4ef7\u6574\u4f53\u6301\u7eed\u4e0a\u6da8\uff09\uff0c\u5e76\u62d6\u7d2f\u7ecf\u6d4e\u589e\u957f\u3002\u6b27\u5143\u533a\u662f\u201c\u51c0\u80fd\u6e90\u8fdb\u53e3\u65b9\u201d\uff08\u8fdb\u53e3\u80fd\u6e90\u591a\u4e8e\u51fa\u53e3\uff09\uff0c\u56e0\u6b64\u6bd4\u7f8e\u56fd\u66f4\u5bb9\u6613\u53d7\u51b2\u51fb\uff1b\u7f8e\u56fd\u5219\u662f\u201c\u51c0\u80fd\u6e90\u51fa\u53e3\u65b9\u201d\uff08\u51fa\u53e3\u591a\u4e8e\u8fdb\u53e3\uff09\uff0c\u76f8\u5bf9\u66f4\u80fd\u62b5\u5fa1\u9ad8\u6cb9\u4ef7\u3002<\/p>\n

\u6b27\u5143\u533a\u901a\u80c0\u6570\u636e\u663e\u793a\uff0c3\u6708HICP\uff08Harmonised Index of Consumer Prices\uff0c\u6b27\u76df\u7edf\u4e00\u53e3\u5f84\u7684\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff09\u73af\u6bd4\u4e0a\u6da81.2%\uff0c\u9ad8\u4e8e2\u6708\u76840.6%\uff1b\u540c\u6bd4\u901a\u80c0\u5347\u81f32.5%\uff0c\u524d\u503c\u4e3a1.9%\u3002\u672c\u5468\u7a0d\u540e\u516c\u5e03\u7684\u7f8e\u56fdCPI\uff08Consumer Price Index\uff0c\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff09\u5e02\u573a\u9884\u671f\u73af\u6bd4\u4e3a0.9%\uff0c\u9ad8\u4e8e\u524d\u503c0.3%\uff1b\u540c\u6bd4\u9884\u8ba1\u4e3a3.3%\uff0c\u9ad8\u4e8e\u524d\u503c2.4%\u3002<\/p>\n

\u5e02\u573a\u9884\u8ba1\u7f8e\u8054\u50a8\uff08Federal Reserve\uff0c\u7f8e\u56fd\u4e2d\u592e\u94f6\u884c\uff09\u5c06\u6309\u5175\u4e0d\u52a8\uff1b\u540c\u65f6\u62bc\u6ce8\u6b27\u6d32\u592e\u884c\uff08ECB\uff09\u5e74\u5e95\u524d\u6700\u591a\u52a0\u606f\u4e24\u6b21\u3002\u7ebd\u7ea6\u8054\u50a8\u4e3b\u5e2d\u7ea6\u7ff0\u00b7\u5a01\u5ec9\u59c6\u65af\u8868\u793a\uff0c\u5f53\u524d\u653f\u7b56\u201c\u9002\u5408\u5148\u89c2\u671b\u201d\uff0c\u5e76\u8b66\u544a\u6218\u4e89\u53ef\u80fd\u4ee4\u6838\u5fc3\u901a\u80c0\uff08core inflation\uff0c\u5254\u9664\u98df\u54c1\u4e0e\u80fd\u6e90\u7b49\u6ce2\u52a8\u8f83\u5927\u9879\u76ee\u540e\u7684\u901a\u80c0\uff09\u589e\u52a0\u201c0.1\u52300.2\u4e2a\u767e\u5206\u70b9\u201d\u3002<\/p>\n

\u4ea4\u6613\u4e0e\u4ed3\u4f4d\u542b\u4e49<\/h3>\n

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\u5bf9\u884d\u751f\u54c1\uff08derivatives\uff0c\u4ef7\u683c\u6765\u81ea\u67d0\u79cd\u6807\u7684\u5982\u6c47\u7387\u3001\u5229\u7387\u3001\u5546\u54c1\u7684\u5408\u7ea6\uff09\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u8fd9\u79cd\u683c\u5c40\u504f\u5411\u672a\u6765\u6570\u5468\u6b27\u5143\/\u7f8e\u5143\u8f6c\u5f31\u3002\u53ef\u8003\u8651\u4e70\u5165\u6b27\u5143\/\u7f8e\u5143\u770b\u8dcc\u671f\u6743\uff08put options\uff0c\u4ef7\u683c\u4e0b\u8dcc\u65f6\u83b7\u5229\u7684\u671f\u6743\uff09\uff0c\u4ee5\u628a\u63e1\u56de\u843d\u81f31.0500\u652f\u6491\u4f4d\uff08support level\uff0c\u4ef7\u683c\u5e38\u5728\u6b64\u83b7\u5f97\u4e70\u76d8\u652f\u6491\u7684\u533a\u95f4\uff09\u7684\u673a\u4f1a\u3002\u5730\u7f18\u98ce\u9669\u4e0a\u5347\u4e5f\u4f1a\u63a8\u9ad8\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u4ece\u671f\u6743\u4ef7\u683c\u53cd\u63a8\u7684\u5e02\u573a\u9884\u671f\u6ce2\u52a8\uff09\uff0c\u4f7f\u5f97\u5982\u5356\u51fa\u865a\u503c\u770b\u6da8\u4ef7\u5dee\uff08out-of-the-money call spreads\uff0c\u5356\u51fa\u8f83\u9ad8\u6267\u884c\u4ef7\u770b\u6da8\u671f\u6743\u5e76\u4e70\u5165\u66f4\u9ad8\u6267\u884c\u4ef7\u770b\u6da8\u671f\u6743\uff0c\u7528\u4e8e\u6536\u53d6\u6743\u5229\u91d1\u5e76\u9650\u5236\u98ce\u9669\uff09\u7b49\u7b56\u7565\u66f4\u5177\u5438\u5f15\u529b\u3002<\/p>\n

\u5728\u5229\u7387\u5e02\u573a\uff08interest rate markets\uff0c\u4ea4\u6613\u5229\u7387\u76f8\u5173\u5de5\u5177\u7684\u5e02\u573a\uff09\u4e0a\uff0c\u5206\u5316\u4e5f\u5e26\u6765\u673a\u4f1a\u3002\u5e02\u573a\u666e\u904d\u9884\u8ba1\u7f8e\u8054\u50a8\u5c06\u63a8\u8fdf\u4efb\u4f55\u964d\u606f\uff1b\u800c\u6b27\u6d32\u592e\u884c\u53ef\u80fd\u4e0d\u5f97\u4e0d\u66f4\u65e9\u6682\u505c\u7d27\u7f29\u5468\u671f\uff08tightening cycle\uff0c\u52a0\u606f\u4e0e\u6536\u7d27\u6d41\u52a8\u6027\u7684\u9636\u6bb5\uff09\u3002\u8fd9\u610f\u5473\u7740\u5e94\u5e03\u5c40\u7f8e\u56fd\u4e0e\u6b27\u6d32\u653f\u5e9c\u503a\u52a1\u5229\u5dee\uff08interest rate differential\uff0c\u4e24\u5730\u5229\u7387\u6216\u6536\u76ca\u7387\u5dee\u8ddd\uff09\u6269\u5927\u7684\u65b9\u5411\u3002<\/p>\n

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